The overnight low was at 114.10 so I’m using that as my downside base. Presuming the recent up-trend remains in place, that should mean that we get another test of recent highs at 116.00. The technical target for USD/JPY is a 38.2% Fibo at 88.95 so if we get there and EUR/USD gets towards reported offers near 1.3170, that could have the cross trading above 117.10.
Not sure if that’s a logical range or not but it does make some sense so I will try trading near the edges of this 114.10/117.10 range until something happens to change my view.